Avid 2004 Annual Report Download - page 78

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64
Audio:
Net revenues
$198,462
$141,053
$135,855
Depreciation
2,502
2,484
2,610
Operating income
29,251
15,718
15,361
Assets at December 31,
66,023
34,978
36,948
Capital expenditures
2,700
756
2,793
Combined Segments:
Net revenues
$589,605
$471,912
$418,719
Depreciation
12,031
10,903
11,616
Operating income
75,404
44,075
8,557
Assets at December 31,
208,128
146,660
144,169
Capital expenditures
15,177
7,951
9,356
The following table reconciles operating income for reportable segments to total consolidated amounts for the years ended
December 31, 2004, 2003 and 2002 (in thousands):
2004
2003
2002
Total operating income for reportable segments
$75,404
$44,075
$8,557
Unallocated amounts:
Restructuring and other costs, net
–
(3,194)
(2,923)
Amortization of acquisition-related intangible assets
(4,049)
(1,316)
(1,153)
Stock-based compensation
(1,418)
–
–
Impairment of intangible assets
(1,187)
–
–
Consolidated operating income
$68,750
$39,565
$4,481
Certain assets are not included in the assets of the reportable segment because management does not consider them in
evaluating operating results of the segments. The following table reconciles assets for reportable segments to total
consolidated amounts as of December 31, 2004, 2003 and 2002 (in thousands):
2004
2003
2002
Total assets for reportable segments
$208,128
$146,660
$144,169
Unallocated amounts:
Cash, cash equivalents and marketable securities
155,419
196,309
89,034
Acquisition-related intangible assets
212,687
5,150
2,600
Total assets
$576,234
$348,119
$235,803
The following table summarizes the Company’s revenues by country (in thousands). The categorization of revenue is based
on the country in which the sales originate:
For the Year Ended December 31,
2004
2003
2002
Revenues:
United States
$287,182
$238,340
$210,599
Other countries
302,423
233,572
208,120
Total revenues
$589,605
$471,912
$418,719